Commerzbank has conceded defeat in its long-running battle with 104
London-based bankers over €52m (£44m) in unpaid bonuses.

Germany’s second-largest bank said it would not be taking the case to the Supreme Court after the Court of Appeal last month ruled it must pay the bankers the money.

“Having considered the prospects of success of this matter in the UK, the bank has determined that further contesting this Dresdner legacy issue in this particular jurisdiction would unnecessarily expend resources that can be better employed on our current and future activities,” Commerzbank said in a statement yesterday.

The dispute centred on hundreds of millions of euros that were promised to staff at German investment bank Dresdner Kleinwort months before its parent was taken over by Commerzbank at the height of the financial crisis in 2008.

Commerzbank argued it did not have to pay the money after it took a multi-billion euro loss in the wake of the Dresdner acquisition. However, the High Court ruled that the bank was legally obliged to pay the bonuses.